12 U.S. Code § 3349 - Violations in obtaining and performing appraisals in federally related transactions

(a) Violations
Except as authorized by the Appraisal Subcommittee in exercising its waiver authority pursuant to section 3348 (b) of this title, it shall be a violation of this section—
(1) for a financial institution to seek, obtain, or give money or any other thing of value in exchange for the performance of an appraisal by a person who the institution knows is not a State certified or licensed appraiser in connection with a federally related transaction; and
(2) for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or the Resolution Trust Corporation to knowingly contract for the performance of any appraisal by a person who is not a State certified or licensed appraiser in connection with a real estate related financial transaction defined in section 3350 (5) of this title to which such association or corporation is a party.
(b) Penalties
A financial institution that violates subsection (a)(1) of this section shall be subject to civil penalties under section 1818 (i)(2) of this title or section 1786 (k)(2) of this title, as appropriate.
(c) Proceeding
A proceeding with respect to a violation of this section shall be an administrative proceeding which may be conducted by a Federal financial institutions regulatory agency in accordance with the procedures set forth in subchapter II of chapter 5 of title 5.

Source

(Pub. L. 101–73, title XI, § 1120,Aug. 9, 1989, 103 Stat. 517.)

This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.

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12 CFR - Banks and Banking

12 CFR Part 34 - REAL ESTATE LENDING AND APPRAISALS

12 CFR Part 109 - RULES OF PRACTICE AND PROCEDURE IN ADJUDICATORY PROCEEDINGS

12 CFR Part 164 - APPRAISALS

12 CFR Part 208 - MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)

12 CFR Part 225 - BANK HOLDING COMPANIES AND CHANGE IN BANK CONTROL (REGULATION Y)

12 CFR Part 263 - RULES OF PRACTICE FOR HEARINGS

12 CFR Part 308 - RULES OF PRACTICE AND PROCEDURE

12 CFR Part 390 - REGULATIONS TRANSFERRED FROM THE OFFICE OF THRIFT SUPERVISION

12 CFR Part 509 - RULES OF PRACTICE AND PROCEDURE IN ADJUDICATORY PROCEEDINGS

12 CFR Part 564 - APPRAISALS

 

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